GrubHub Inc. (GRUB) shares soared more than 22% on Wednesday after the company reported better-than-expected second quarter financial results. Revenue rose 51% to $239.74 million – beating 澳洲幸运5官方开奖结果体彩网:consensus estimates by $6.74 million – while 澳洲幸运5官方开奖结果体彩网:net income of 50 cents per share beat consensus estimates by eight cents per share. The company also issued FY18 revenue guidance of $966 millio꧙n to $983 million, which was well above the $960.45 million consensus forecast. On an operational level, the company reported a 35% increase in daily grubs and a 70% increase in active diners, which was a𒐪lso higher than expected.

Analysts responded favorably to the news. Craig-Hallum maintained its Buy rating on the stock and raised its 澳洲幸运5官方开奖结果体彩网:price target to $160.00, which represents a nearly 50% increase from yesterday's close. (See also: GrubHub Stock Likely Under Accumulation and Heading Higher.)

From a technical standpoint, the stock broke out from a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle and prior 澳洲幸运5官方开奖结果体彩网:resistance to fresh all-time highs. The 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) moved into 澳洲幸运5官方开奖结果体彩网:overbought territory with a reading of 77.36, but the 澳洲幸运5官༺方开奖结果体彩网:moving aver🦋age convergence divergence (MACD) experienced an uptick. These indicators suggest that the stock could see some near-term 澳洲幸运5官方开奖结果体彩网:consolidation, but the long-term trend remains bullish.

[To learn more about supplemental technical indicators such as the RSI and the MACD, check out Chapter 4 of the  course on the .]

Traders should watch for some near-term consolidation given the lofty RSI reading, with $120.00 being the key 澳洲幸运5官方开奖结果体彩网:support level to watch. If the stock rebounds from those levels, traders could see an ongoing move to fresh highs over the coming weeks. If the stock breaks down from 澳洲幸运5官方开奖结果体彩网:trendline support, traders could see a move to retest lower trendline and 澳洲幸运5官方开奖结果体彩网:pivot point support at around $108.00, although that scenario appears less likely to occur. (For more, see: 3 Small Cap Stocks That Can Thrive Amid a Trade War.)

Chart courtesy of StockCharts.com. The author holds no position in the stock(s) mentioned except through passively managed index funds.